TIDMBOOM
RNS Number : 8425W
Boomerang Plus PLC
26 November 2010
Date: 26 November 2010
On behalf of: Boomerang Plus plc ('Boomerang', 'the Company', or
'the Group')
Embargoed until: 0700hrs
Boomerang Plus plc
Preliminary Results
Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically
integrated multi-genre, independent television production group
operating within the Nations and Regions, today announces its
preliminary results for the year ended 31 May 2010.
Financials
-- Revenue of GBP21.41 million (2009: GBP19.76 million).
-- Operating profit of GBP0.61 million (2009: GBP1.14
million).
-- Adjusted operating profit* of GBP0.78 million (2009: GBP1.25
million).
-- Profit before tax of GBP0.54 million (2009: GBP1.09
million).
-- Strong balance sheet with cash and cash equivalents at year
end of GBP3.07 million (2009: GBP3.03 million).
Operations
-- Good progress in diversifying the Group's operations.
-- Acquisition of Indus Films Limited in October 2009.
-- Continued growth of Advertiser Funded Programming ("AFP")
both organically and through investment into the "Freeze" winter
sports and music festival and acquisition of "Method", the
multimedia snowboarding publisher in September 2009.
-- Awarded three-year contract for GBP4.0 million (GBP1.33
million per year) to produce programming and links for Cyw, S4C's
pre-school service reinforcing our position as one of the largest
children's content producers in the UK.
-- 428 hours of television programming in calendar year 2009
(2008: 371 hours).
* adjusted for professional fees in relation to unsuccessful
corporate transactions (2010: GBP0.07 million, 2009: GBP0.07
million), provision for impairment of investments (2010: GBP0.07
million, 2009: GBPnil), amortisation of intangible assets arising
on business acquisitions (2010: GBP0.02 million, 2009: GBP0.02
million), and share-based payments (2010: GBP0.01 million, 2009:
GBP0.02 million).
Current Trading and Outlook
-- Strong pipeline of programme revenues of GBP50.0 million,
including current year to date.
-- Favourable regulatory environment of Nations and Regions
Network quotas.
-- Strong balance sheet to fund future growth.
-- Trading in the current year to date is in line with the
Board's expectations.
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus,
commented:
"Against a challenging backdrop, we have made very good progress
with our strategy of diversifying the Group's operations. The
addition of Indus has been a fantastic fit for the Group; it has
taken us into new genres, broadened our customer base, and made a
valuable contribution to our revenues for the period. We continue
to enjoy long-term revenue visibility and a strong balance sheet,
giving us an excellent platform for the next phase of the Group's
growth."
- Ends -
For further information, please contact:
Boomerang Plus plc Via Redleaf Communications
Huw Eurig Davies, Chief Executive
Mark Fenwick, Finance Director
Redleaf Communications 020 7566 6700
Anna Dunkin / Rebecca Sanders-Hewett boomerang@redleafpr.com
Altium
Tim Richardson / Melanie Szalkiewicz 020 7484 4040
Boomerang Plus plc
-- Boomerang, founded in 1994, has extensive experience in
producing content in a variety of genres, including entertainment,
factual, sport, music, drama, and children's programming for
television, radio and the web.
-- The Group operates across the whole spectrum of creative
industry activities including content production, post-production
services, television facilities, and talent management.
-- Boomerang aims to be independent television production
company of choice to the Network broadcasters looking to fill their
Ofcom quotas from the 'Nations and Regions' (broadcasters must
source between 10% and 50% of qualifying programme hours from
outside the M25 boundary).
-- Boomerang is ranked in the top five independent television
production companies, by revenue, in the Nations and Regions
according to the Broadcast Survey 2010.
-- Boomerang's strategy is to continue to produce high quality
content across a breadth of genres and to become a leading producer
of AFP and digital content and services. The Group also aims to
achieve strong organic growth by leveraging its existing customer
base and making strategic acquisitions, with a view to becoming a
major supplier to UK networks looking to satisfy their Nations and
Regions quotas.
Chairman's Statement
I am pleased to present the Group's results for the year ended
31 May 2010.
It has been a challenging environment for the UK television
production sector in light of the continuing economic difficulties
faced by broadcasters. Programme budgets and margins have remained
under constant pressure and commissioning decisions have been
subject to delay. As highlighted previously, this has inevitably
had an adverse impact on Boomerang's revenue and profitability in
the year under review.
Despite this backcloth, the Board has continued to advance
successfully its previously stated strategy of diversifying the
Group's operations. This has been achieved through broadening our
broadcaster customer base, expanding our genre expertise,
consolidating our leading position in Advertiser Funded Programming
(AFP) with an expanding portfolio of UK and global client brands,
developing our reputation as a provider of digital media content
and services, and continuing to invest in businesses that have
future IP potential.
At the same time, we have maintained our strong position as a
key supplier to S4C with the award during the year of two
three-year contracts, totalling GBP16 million, for the provision of
children's programming. This is a great endorsement of the creative
talent within the Company and makes Boomerang one of the UK's
largest producers of children's content.
As anticipated, following the Government's Comprehensive
Spending Review announced in October 2010, S4C will have a reduced
programming budget in the future and this will inevitably impact
production companies based in Wales. I believe, however, that our
position as one of the largest Nations and Regions television
production companies in the UK, producing across a wide variety of
genres including entertainment, drama, lifestyle, children's,
sports and factual programming, will mitigate the impact on
Boomerang of S4C's changed circumstances and will bring
considerable benefits to the Company over the coming years as the
increased Ofcom quota requirements for broadcasters come into
force.
The Company continues to benefit from a strong balance sheet
with cash and cash equivalents at the year-end of GBP3.07 million.
This, together with the long-term revenue visibility provided by
our GBP50 million pipeline of future commissions (including the
current year to date), gives us a strong platform for the next
phase of the Group's growth as we start to see the anticipated
returns from our diversification strategy. We will continue to look
for further acquisition opportunities that both fit our strategic
objectives and can add value to the Group. Whilst I expect the
macro environment to remain challenging for the foreseeable future,
I am confident that the Company is well-positioned to deliver
significant long-term value for its shareholders.
Finally, I would like to thank all the Boomerang staff for the
hard work and commitment that they have given to the Company in
what has been a demanding and challenging year for everyone. We are
very fortunate to have such a great team of people showing so much
passion for the Boomerang cause.
Richard Huntingford
Non-Executive Chairman
26 November 2010
Business Review
Financial Review
As highlighted in the trading update released on 13 May 2010,
the revenues and profits from a number of the Group's projects in
the year under reviewwere delayed into the current financial year.
Despite this, the acquisition of Indus enabled us to grow revenues
in the year ended 31 May 2010 by 8.4% to GBP21.41 million (2009:
GBP19.76 million).
One of the Group's key performance indicators is gross profit,
which increased by 21.6% to GBP3.50 million (2009: GBP2.88
million). Gross profit margin for the year was 16.3% (2009: 14.6%).
This increase was principally due to two of the Group's projects
under-performing financially in the prior year. However, there
continues to be general downward pressure on programme budgets.
Adjusted operating profits* decreased 37.7% to GBP0.78 million
(2009: GBP1.25 million).
Other administrative expenses increased from GBP1.86 million to
GBP2.93 million due to GBP0.56 million of costs associated with the
acquisitions and new businesses in the year and accelerated
investments into programming and business development of GBP0.4
million (2009: GBP0.1 million). Costs of GBP0.07 million (2009:
GBP0.07 million) regarding professional fees in relation to
unsuccessful corporate transactions and provision for impairment of
investments of GBP0.07 million (GBP2009: GBPnil) were incurred in
the year. Reported profit before tax for the year was GBP0.54
million (2009: GBP1.09 million).
The Group had cash and cash equivalents of GBP3.07 million at 31
May 2010 (2009: GBP3.03 million). The Group incurred capital
expenditure of GBP1.65 million in the year to 31 May 2010 (2009:
GBP0.44 million), principally on studio, post-production and
outside broadcast facilities in order to service the Children's
contracts awarded by S4C. GBP1.11 million of this expenditure was
funded by finance leases. Intangible fixed assets of GBP0.46
million, principally in respect of "Method" snowboarding magazine,
were acquired in the year and acquisition and deferred
consideration payments of GBP1.30 million and debt repayments of
GBP0.37 million were also made during the year.
As at 31 May 2010 the Group had net assets of GBP8.98 million
(2009: GBP8.66 million).
* adjusted for professional fees in relation to unsuccessful
corporate transactions (2010: GBP0.07 million, 2009: GBP0.07
million), provision for impairment of investments (2010: GBP0.07
million, 2009: GBPnil), amortisation of intangible assets arising
on business acquisitions (2010: GBP0.02 million, 2009: GBP0.02
million), and share-based payments (2010: GBP0.01 million, 2009:
GBP0.02 million).
Programming
The Group's content production businesses, Boomerang, Fflic,
Alfresco and Apollo, together with the recently acquired Indus,
contributed towards a strong, multi-genre portfolio of programmes
for our broadcast customers during the year.
We again produced a broad raft of multi-genre programming for
S4C. These include "The Royal Welsh Show"; "Stwnsh" and "Cyw"
Children's services; drama series "Teulu" and "Alys"; factual
entertainment series "Tocyn", "Sioe'r Ty", "3 Lle" and "Cyfnewid";
music series "Bandit" and "Nodyn"; youth series "Gofod;" and sports
series "Chwa", "Rasus" and "Ras i Lundain", amongst others.
We had noted success in increasing our organic Network presence
in a number of key genre during the period. In Comedy Drama we had
our first network commission for BBC4/BBC2 - "A Child's Christmases
in Wales" as a co-production with Tidy Productions; in Children's
we won our first commission for CBBC "My Dad in Prison", building
on our position as one of the largest children's producers in the
UK; and in Factual we produced "Too Poor for Posh School?" for
Channel 4's Cutting Edge strand. In Sports, we have produced "That
Paralympic Show" for Channel 4 a multi-platform magazine series
introducing the London 2012 Paralympics.
AFP programming had another year of record turnover. We won our
first 3D commission to produce a Skateboard Documentary with
legendary American Skateboarder Tony Hawk. Filming for Quiksilver's
Tony Hawk's European Tour wrapped in July 2010 following a
three-week tour across Berlin, Rome, Barcelona and Brighton. Other
AFP productions during the last year included Roxy Jam Biarritz,
the annual Women's World Longboard Championships, and a music
festival held in the European surf mecca of Biarritz; the third
series of Sony Ericsson World B-boy Championships; the global
search for the best breakdancing crew in the world, filmed on
location in New York, Japan, Korea, Europe and concluding in
Brixton for the competition final; and Sony Playstation GT Academy,
the virtual-to-reality motor racing competition once again hosted
by F1 luminaries Eddie Jordan and Johnny Herbert and filmed across
Australia, New Zealand, Europe and the UK. This organic growth has
been complemented through investment into the "Freeze" winter
sports and music festival and the acquisition of "Method", the
multimedia snowboarding publisher.
Complementing this organic success, the addition of Indus to the
Group brought the world renowned and award-winning expertise of the
producers of "Amazon" (with Bruce Parry), "Living with Monkeys",
"Coalhouse", "Everest ER", "Venom Hunter" and "Panorama: Chocolate,
the Bitter Truth". Current Indus productions include "Arctic" (with
Bruce Parry) and "Snowdonia 1890".
Recent critical acclaim for a wide number of our programmes has
continued this year with Welsh BAFTA 2009 wins for "Con
Passionate", "Y Saith Magnifico a Matthew Rhys" and six awards for
"Martha, Jac a Sianco". "Rhestr Nadolig Wil" won a BAFTA Children's
award for best drama as well as a nomination at the inaugural
KidScreen in New York.
Digital Media
With our digital media partner, Cube Interactive, we continue to
explore and develop opportunities in digital media including
websites, web streaming and interactive media. Significant
interactive contracts include content for the "Royal Welsh",
"Stwnsh" and "Cyw".
Increasingly most of our programming, especially our AFP
content, has a multi-platform element which is expected to increase
further over the coming years.
Post-Production and Facilities
The Group invested GBP1.65 million during the year in expanding
its post-production, camera and studio facilities and acquiring an
outside broadcast truck. The Group currently operates 69 edit
suites, four pro-tools dub suites and four studios together with
the outside broadcast truck. We have significantly increased
capacity, HD capability and high-end finishing capability during
the year. Our editing facilities now include a Baselight grading
system, two DS Nitris systems and two Symphony Nitris systems.
These cutting-edge facilities provide a quality finish to many of
the productions across the Group and for external clients.
The Group's camera facilities joint venture, Zoom, continued to
expand in the year.
Radio
The Group continues to supply a diverse range of radio
productions, including programmes for BBC Radio Wales, Radio Cymru
and Radio 4.
Talent Management
Boom Talent, a management company representing singers, actors
and presenters in film, television, theatre, radio, corporate and
voice-over work, continues to establish itself.
Regulatory Environment
Ofcom, the Industry Regulator, published phase 2 of its second
public sector broadcasting review on 25 September 2009. This for
the first time proposes a specific quota (3%) from outside England
from 2010 for Channel 4 together with an increase in the outside
London quota from 30% to 35%. Ofcom also "welcomes the BBC's target
to reach 50% out-of-London production, with 17% from the
Nations...". This strengthens our belief that being based in the
Nations, and Wales in particular, provides substantial
opportunities for the Group.
Dividend Policy
The directors are not recommending the payment of a dividend for
the year (2009: GBPnil). The declaration of any future dividends
will depend on the Group's results, its financial position, cash
requirements, future prospects and other factors deemed to be
relevant at that time. In due course, the directors intend to adopt
a progressive dividend policy.
Going Concern
The Group has considerable financial resources together with
long-term relationships with its key customers. Due to the nature
of the Group's business, management has visibility over its
pipeline of productions over the foreseeable future, which is fully
funded by its customers. As a consequence, the directors believe
the Company is well placed to manage its business risks
successfully despite the current uncertain economic outlook.
The directors, after making enquiries, have a reasonable
expectation that the Company will have adequate resources to
continue operating for the foreseeable future and therefore the
going concern basis has been adopted in preparing these
accounts.
Current Trading and Outlook
Our position as a multi-genre independent television production
company based in the Nations and Regions makes us ideally placed to
take advantage of the Ofcom quotas that exist as we look to expand
our Network programming.
Our success in securing new contracts and track record on
recommissions provides the Group with excellent visibility over
revenues for the current financial year and the first half of
2011/12. Current trading is in line with the Board's
expectations.
Organic network growth, the acquisition of Indus and growth in
AFP programming has diversified the Group's customer base and
widened its intellectual product base. This will drive further
growth in an increasingly global market and provide opportunities
to increase our profit margins.
We will also continue to look for further acquisitions that can
add value for shareholders in a fast-changing media
marketplace.
Huw Eurig Davies Mark Fenwick
Chief Executive OfficerFinance
Director
26 November 2010 26 November 2010
BOOMERANG PLUS PLC
Consolidated income statement
Year ended 31 May 2010
2010 2009
Note GBP'000 GBP'000
Continuing operations
Revenue 21,409 19,759
Cost of sales (17,912) (16,882)
GROSS PROFIT 3,497 2,877
Administrative expenses
Other administrative expenses (2,928) (1,862)
Professional fees in relation to unsuccessful
corporate transactions (73) (66)
Provision for impairment of investments (70) -
Amortisation of intangibles arising on
business acquisitions (20) (21)
Equity-settled share-based payments (7) (23)
Total administrative expenses (3,098) (1,972)
Other operating income 227 232
Share of results of joint ventures and
associates (18) 3
OPERATING PROFIT 608 1,140
Investment revenue 3 25
Finance costs (76) (71)
PROFIT BEFORE TAX 535 1,094
Tax 2 (218) (207)
PROFIT FOR THE YEAR 317 887
Attributable to:
Equity holders of the parent 317 887
Earnings per share 3
Basic 3.56p 9.96p
Diluted 3.50p 9.70p
Adjusted - basic 5.47p 11.20p
Adjusted - diluted 5.38p 10.91p
There were no items of comprehensive income in the current or
prior year other than the profit for the year and, accordingly, no
statement of comprehensive income is presented.
BOOMERANG PLUS PLC
Consolidated statement of changes in equity
Year ended 31 May 2010
Share
Share premium Merger Retained Total
capital account reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 June
2008 89 3,931 1,217 2,510 7,747
Profit for the
financial year - - - 887 887
New shares issued - 2 - - 2
Equity-settled
share-based
payments - - - 23 23
Balance at 1 June
2009 89 3,933 1,217 3,420 8,659
-
Profit for the
financial year - - - 317 317
New shares issued - 1 - - 1
Equity-settled
share-based
payments - - - 7 7
Balance at 31 May
2010 89 3,934 1,217 3,744 8,984
The Group has taken advantage of section 612 of the Companies
Act 2006 and therefore the excess over the nominal value of shares
issued other than for cash has been allocated to the merger
reserve.
BOOMERANG PLUS PLC
Consolidated balance sheet
31 May 2010
2010 2009
GBP'000 GBP'000
NON-CURRENT ASSETS
Goodwill 3,049 2,131
Other intangible assets 2,444 1,161
Property, plant and equipment 2,931 1,686
Investments 371 147
8,795 5,125
CURRENT ASSETS
Inventories 9 -
Trade and other receivables 4,158 3,625
Current tax assets 219 219
Cash and cash equivalents 3,070 3,027
7,456 6,871
TOTAL ASSETS 16,251 11,996
CURRENT LIABILITIES
Trade and other payables 4,615 2,106
Current tax liabilities 84 407
Interest-bearing loans and borrowings 492 307
Deferred consideration 333 209
5,524 3,029
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings 742 175
Other payables 47 17
Deferred tax liabilities 232 116
Deferred consideration 722 -
1,743 308
TOTAL LIABILITIES 7,267 3,337
NET ASSETS 8,984 8,659
EQUITY
Share capital 89 89
Share premium account 3,934 3,933
Merger reserve 1,217 1,217
Retained earnings 3,744 3,420
TOTAL EQUITY 8,984 8,659
BOOMERANG PLUS PLC
Consolidated cash flow statement
Year ended 31 May 2010
2010 2009
Note GBP'000 GBP'000
NET CASH INFLOW/(OUTFLOW) FROM OPERATING
ACTIVITIES 5 2,615 (2,828)
INVESTING ACTIVITIES
Interest received 3 25
Purchase of property, plant and equipment (544) (183)
Acquisition of subsidiaries (768) -
Acquisition of joint ventures and associates (326) (33)
Acquisition of subsidiaries - deferred
consideration payments (209) (146)
Acquisition of intangible fixed assets (458) -
Proceeds on disposal of property, plant
and equipment 1 54
NET CASH USED IN INVESTING ACTIVITIES (2,301) (283)
FINANCING ACTIVITIES
Repayments of obligations under finance
leases (372) (340)
Proceeds on issue of shares 1 3
Grants received 100 150
NET CASH USED IN FINANCING ACTIVITIES (271) (187)
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS 43 (3,298)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR 3,027 6,325
CASH AND CASH EQUIVALENTS AT END OF YEAR 3,070 3,027
BOOMERANG PLUS PLC
Notes to the preliminary announcement
1. basis of preparation
The financial information set out in the announcement does not
constitute the Company's statutory accounts for the years ended 31
May 2010 or 2009. The financial information for the year ended 31
May 2009 is derived from the statutory accounts for that year which
have been delivered to the Registrar of Companies. The auditors
reported on those accounts; their report was unqualified, did not
draw attention to any matters by way of emphasis without qualifying
their report and did not contain a statement under s498(2) or (3)
Companies Act 2006. The audit of the statutory accounts for the
year ended 31 May 2010 is not yet complete. These accounts will be
finalised on the basis of the financial information presented by
the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's
annual general meeting.
The Group income statement, balance sheets and cash flow
statements for the years ended 31 May 2010 and 31 May 2009 have
been prepared on a basis consistent with the accounting policies
disclosed in the Group's annual report for the year ended 31 May
2009.
Whilst the financial information included in this preliminary
announcement has been computed in accordance with International
Financial Reporting Standards (IFRSs) as adopted for use in the EU,
this announcement does not itself contain sufficient information to
comply with IFRSs. The Company expects to publish full financial
statements that comply with IFRSs in December 2010.
2. TAX on profit on ordinary activities
2010 2009
GBP'000 GBP'000
Current taxation
United Kingdom corporation tax:
Current tax on income for the year at 28%
(2009: 28%) 100 194
Adjustment in respect of prior years 3 -
Total current tax 103 194
Deferred tax
Origination and reversal of timing differences 115 13
115 13
Total charge for the year 218 207
The difference between the total tax shown above and the amount
calculated by applying the standard rate of United Kingdom
corporation tax to the profit before tax is as follows:
GBP'000 GBP'000
Profit on ordinary activities before tax 535 1,094
Tax on profit on ordinary activities before
tax at 28% (2009: 28%) 150 306
Factors affecting charge for the year
Expenses not deductible for tax purposes 27 34
Non-deductible amortisation and impairment
charges 25 6
Capital allowances (in excess of)/less than
depreciation (103) 17
Tax losses 23 7
Other (20) (8)
Marginal relief - (2)
UK Film tax credit adjustment - (166)
Adjustment in respect of prior years 3 -
Origination and reversal of timing differences (2) -
Total tax charge for the year 103 194
Included within the current tax charge in 2009 is a credit of
GBP219 000. This relates to the UK Film tax credit earned within
Boom Films Limited, a subsidiary company.
The reduction in the corporation tax rate from 28% to 27%, from
1 April 2011 is not anticipated to materially affect the tax
charge.
3. Earnings per share
The calculation of the basic, diluted and adjusted earnings per
share is based on the following data:
2010 2009
GBP'000 GBP'000
Earnings
Profit for the year 317 887
Exceptional administrative expenses 73 66
Amortisation of intangibles arising on business
acquisitions 20 21
Provision for impairment of investments 70 -
Equity-settled share-based payments 7 23
Adjusted profit 487 997
Number of shares No. No.
Weighted average number of ordinary shares
for the purpose of basic earnings per share 8,911,902 8,903,478
Effect of dilutive potential ordinary shares:
Share options 153,798 238,178
Dilutive weighted average number of shares 9,065,700 9,141,656
Earnings per ordinary share - basic 3.56p 9.96p
Earnings per ordinary share - diluted 3.50p 9.70p
Adjusted earnings per share - basic 5.47p 11.20p
Adjusted earnings per share - diluted 5.38p 10.91p
4. Acquisition of subsidiaries
On 19 October 2009, Boomerang Plus Plc acquired the entire share
capital of Indus Films Limited, an independent television
production company. The initial consideration was GBP1,100,000 of
which GBP880,000 was paid on completion and GBP220,000 was paid on
19 October 2010. Further consideration of up to GBP1,295,000 is
payable in cash or shares based on the performance of Indus Films
Limited in the three years post completion. The directors have
estimated based on forecasts that GBP802 000 of the contingent
consideration will become payable and this has been provided in the
accounts. The transaction has been accounted for by the purchase
method of accounting.
Outlined below are the provisional fair values of assets
acquired. No fair value adjustments have been booked.
Book and
fair value
GBP'000
Net assets acquired
Property, plant and equipment 40
Receivables 434
Cash and cash equivalents 164
Payables (465)
Hire purchase (13)
Deferred tax (1)
159
Goodwill 918
Customer relationships 862
Non compete agreements 24
Total consideration 1,963
Satisfied by
Cash 880
Deferred consideration 229
Deferred contingent consideration 802
Purchase consideration 1,911
Directly attributable costs 52
Total consideration 1,963
GBP'000
Net cash outflow arising on
acquisition
Cash consideration 880
Costs 52
Cash and cash equivalents acquired (164)
768
The goodwill arising on the acquisitions relates to creative
talent and opportunities which do not meet the criteria for
recognition as separate intangible fixed assets.
Indus has contributed GBP2,761,204 to revenue and GBP22,826 to
profit before tax for the period from the date of acquisition to
the balance sheet date. If the acquisition had been completed by
the first day of the financial year, group revenue and group profit
before tax would be GBP993,021 higher and GBP24,437 lower
respectively.
5. notes to the consolidated cash flow statement
2010 2009
GBP'000 GBP'000
Profit from operations 608 1,140
Adjustment for:
Amortisation of intangible fixed
assets 61 68
Depreciation of property, plant
and equipment 446 396
Loss/(profit) on property, plant
and equipment disposals 2 (37)
Government grants (117) (165)
Results of joint venture 20 5
Provision for impairment of investment 70 -
Equity-settled share-based payments 7 23
Operating cash flows before movement
in working capital 1,097 1,430
Decrease in receivables (79) (775)
Increase/(decrease) in payables 2,109 (2,823)
(Increase)/decrease in inventory (9) 3
Cash generated by operations 3,118 (2,165)
Income taxes paid (451) (592)
Interest paid (52) (71)
Net cash inflow/(outflow) from operating
activities 2,615 (2,828)
Cash and cash equivalents comprise cash and short-term bank
deposits with an original maturity of three months or less, net of
outstanding bank overdrafts. The carrying amount of these assets is
approximately equal to their fair value.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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